{"id":1353,"date":"2019-02-21T14:58:00","date_gmt":"2019-02-21T14:58:00","guid":{"rendered":"https:\/\/tst418075918.wordpress.com\/2019\/02\/21\/show-customers-you-are-paying-attention-to-them-and-watch-fraudsters-run-away\/"},"modified":"2019-02-21T14:58:00","modified_gmt":"2019-02-21T14:58:00","slug":"show-customers-you-are-paying-attention-to-them-and-watch-fraudsters-run-away","status":"publish","type":"post","link":"https:\/\/test.veracityid.com\/new\/show-customers-you-are-paying-attention-to-them-and-watch-fraudsters-run-away\/","title":{"rendered":"Show customers you are paying attention to them \u2013 and watch fraudsters run away"},"content":{"rendered":"

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Direct insurance – whether by phone or over the internet – is fundamentally different from traditional neighborhood agency business on many dimensions<\/i><\/b>. The most obvious and important one is that there isn\u2019t a trained agent looking the customer in the eye, asking the right questions, and placing the applicant with a company whose risk appetite is a good match. The truth is a local agent adds a lot of \u2018hidden\u2019 value because it is harder to cheat someone who knows you, and a good agent can often screen out trouble before it starts by inspecting the assets and assessing the persons involved before a risk is accepted. Capturing that value from an agent is very expensive – and that cost explains the rush to online insurance – but it prevents many types of fraud.<\/div>\n<\/div>\n
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Today\u2019s growing book of direct insurance has a very different character and carries much higher risk.\u00a0<\/span><\/i><\/b>These transactions are a fast, inexpensive and easy way for consumers and carriers to interact.\u00a0 <\/span>Indeed, many carriers promote their online sales process as faster than the next guy while saving consumers \u2018hundreds of dollars a year in premiums\u2019.\u00a0<\/span>But this business model relies on (often flawed) purchased or volunteered information, requires instant integration of complex data to make risk decisions, and, worst of all, it is anonymous<\/u><\/i>.\u00a0\u00a0 <\/span><\/div>\n<\/div>\n
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Fraudsters rely on that anonymity to defraud carriers of 5-10% of NPW \u2013 or more \u2013 in new business.\u00a0<\/span><\/i><\/b>Whether it is small-ticket cheaters who lie on quotes to get cheaper rates, serial grifters who play the online game just to get insurance cards for themselves or others, or organized criminal rings setting up staged accidents and body shop frauds \u2013 all rely on the anonymity of the online transaction to hide in plain sight.\u00a0 <\/span><\/div>\n<\/div>\n
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The simple truth is that fraudsters don\u2019t think you\u2019re watching or able to stop them<\/i>.\u00a0 <\/span>And the fact is they are probably right.<\/i><\/b>\u00a0<\/span><\/i>Do you actively monitor your quotes for signs of manipulation?\u00a0<\/span>How do you know the condition of the assets you insure? Can you tell when they\u2019re playing you with bogus or inconsistent information across time, other quotes or prior policies?\u00a0 <\/span>Has the applicant or his associates defrauded you before?\u00a0<\/span>And can you do anything about any of it in the 7\u00bd minutes during which you promised to close a policy?\u00a0 <\/span><\/div>\n

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For most carriers, the answers are no, no, no, no and no.<\/div>\n<\/div>\n
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And so the fraudsters win<\/i><\/b>.\u00a0<\/span>Because they are smart.\u00a0<\/span>They find the weaknesses in your systems to get rate, coverage and claims benefits they don\u2019t deserve. And they will do it again and again because you\u2019re an easy mark when you don\u2019t watch and cannot act.\u00a0 <\/span>Until you find them after the 3rd<\/sup>or 4th<\/sup> time they\u2019ve ripped you off \u2013 in which case they often just \u2018disappear\u2019 – or you stop writing business in that neighborhood because it\u2019s not worth the trouble.\u00a0 <\/span>So you eat the losses, say you\u2019ve \u2018learned\u2019 a lot from the experience, and pull back.<\/i><\/b><\/div>\n<\/div>\n
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But you <\/b>can<\/u> stop whole classes of fraud if you show them that you can see what they\u2019re doing.<\/b>\u00a0<\/span>If you signal that you are paying attention.\u00a0<\/span>f you take appropriate action during live transactions<\/b><\/i><\/span>.\u00a0 <\/span>Behavioral science experts say people generally won\u2019t cheat if they know that they\u2019re being watched.\u00a0 <\/span>VeracityID\u2019s experience is that fraudsters conclude you know what they\u2019re doing if you employ the right set of tools at point of sale, during endorsements and before claims are paid.\u00a0<\/span>So they go elsewhere to ply their trade, and with them whole classes of fraud simply disappear.\u00a0 <\/span>\u00a0<\/span><\/div>\n<\/div>\n
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VeracityID has the tools to make this happen for auto carriers.\u00a0<\/span>Let us show you how you can quickly transform your underperforming online or direct business with a short demonstration or a pilot.\u00a0<\/span>Let\u2019s stop fraud in your business, together.<\/div>\n<\/div>\n

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Direct insurance – whether by phone or over the internet – is fundamentally different from traditional neighborhood agency business on many dimensions. 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